CADCHF Technical Analysis October 8/2018
CADCHF BUY/LONG Trade Setup: September 6/2018 CADCHF found a bottom and bounced higher. The bounce higher is possibly forming a bullish Elliott Wave Impulse Pattern. The current possible wave count higher can now be seen as wave ((iii)) terminating at the October 3/2018 high and is now correcting lower to find a termination of wave ((iv)). If indeed this is a possible Elliott Wave Impulse Wave expect wave ((iv)) to terminate then followed buy another rally higher to extend the wave 3. If looking to trade CADCHF, traders will need to watch and wait for price to enter the BUY ZONE at the 0.7640-0.7590 area where the wave ((iv)) can possibly terminate. In this area watch for any possible reversal BUY signals. Another pattern to watch for is the break above the bullish Flag Pattern. Break above the Flag Pattern will signal CADCHF will extend higher above the wave ((iii)) peak. Traders will also need to watch if CADCHF corrects deeper to the impulse wave invalidation area. A move to this area will make bulls think twice that this is in fact an impulse wave pattern. For now we remain bullish CADCHF and we expect the pair to extend higher so traders should look for any buying opportunities in the BUY ZONE. Trade safe and always use proper money/risk management.
CADCHF 30 Minute Chart 10.8.2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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